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500 days and a billion barrels of lost oil pushes crude to $80

500 days and a billion barrels of lost oil pushes crude to $80
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Editor’s note: ETV recently featured a piece where a Macquarie analyst said that its was possible for the Malaysian government’s revenue to stay in the green even with the reintroduction of fuel susbsidies. He said that this was because original forcasts were based on crude oil prices of USD$50 a barrel. The price of crude at the time when he spoke was at USD$70 a barrel.

This Reuters report from 17 May, shows that crude prices have risen to USD$80 a barrel.

Hopefully, these higher oil prices mean that there will still be revenue for other reforms.

It has taken 500 days and the sacrifice of almost a billion barrels in lost oil output for the global crude market to eradicate a deep supply surplus, but oil prices have now hit Organization of the Petroleum Exporting Countries (OPEC) heavyweight Saudi Arabia’s desired level of $80 a barrel.

Read the full story at https://www.reuters.com/article/us-oil-barrels/graphic-500-days-and-a-billion-barrels-of-lost-oil-pushes-crude-to-80-idUSKCN1II1QD

SOURCE: Reuters

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